By Rebecca Melvin
Princeton, N.J., Nov. 8 - India's Welspun-Gujarat Stahl Rohren Ltd. priced $75 million five-year foreign currency convertible bonds to yield 0% with an initial conversion premium of 60%, according to a news release.
The offering includes a greenshoe of $10 million.
The bonds, sold via lead manager Citigroup, are convertible into equity shares at a premium of 60% of Welspun-Gujarat's Nov. 7 closing price of Rs. 101.35 on the Bombay Stock Exchange.
The latest offering follows Welspun-Gujarat's debut convertible bond offering earlier this year, the release to the stock exchange stated.
Based in Andheri, Maharashtra state, Welspun-Gujarat is an Indian-German joint venture that manufactures metal pipes.
| Issuer: | Welspun-Gujarat Stahl Rohren Ltd.
|
| Issue: | Foreign currency convertible bonds
|
| Amount: | $75 million
|
| Greenshoe: | $10 million
|
| Bookrunner: | Citigroup
|
| Maturity: | 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion premium: | 60%
|
| Conversion price: | Rs. 101.35
|
| Calls: | No calls
|
| Puts: | No puts
|
| Pricing date: | Nov. 7
|
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|
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